Use AI in insurance to personalize plans and policies, increase accuracy, drive operational excellence, detect fraudulent insurance claims as well as signiﬁcantly reduce claims processing time.
The Covid-19 pandemic has shaken the already turbulent global insurance industry. It is further affected by continuing low-interest-rate environment, tighter regulatory regimes, and a challenging equity market. And with the spread of internet and mobile phones in the developing countries, there is a significant digital disruption in the sector. These changes along with the impact of price-comparison websites, removal of middlemen with access to insurance services digitally, and the demand for more personalized services and products are tectonic shifts forcing insurers to adjust their business models.
Insurance companies are using advanced analytics, machine learning, and other AI-driven tools to deal with the competition and. In fact, according to a study by PwC, more than 80 percent of insurance CEOs plan to make AI a part of their business model within the next three years.
TheDataTeam Delivers the AI Advantage in Analytics
TheDataTeam’s ability to analyse multiple formats of data, including video and image using sophisticated ML algorithms are helping insurance companies personalize plans and policies, increase accuracy as well as significantly reduce claims processing time. Our flagship ‘customer intelligence platform’ is being used by insurance companies to improve customer experience through ‘single customer view’ and personalization.
Here are different areas where TheDataTeam can help insurance companies in implementing AI to improve customer engagement, battle fraud and streamline business processes:
Fraud Detection & Credit Analysis
Insurance companies can use AI-driven predictive analytics software to combat frauds. It can analyze claims based on set rules and indicators (credit score, past claim history, frequency of claims, etc) to identify claims that may not be legitimate. AI applications can process thousands of claims each month with almost zero error margin.
Underwriting & Claims Assessment
AI technologies have made the process of underwriting increasingly scientiﬁc. They
may not replace manual underwriters, but advanced analytics and machine learning are helping insurance companies get a more holistic view of the risks making the task easier and faster. For example, some companies are using AI systems to scan medical records and hospital data to calculate payout.
Product & Policy Design
AI can analyze a massive amount of internal, external, and third-party data to derive useful insights which can be used by insurance companies to design and develop
products based on market trends and customer needs. It can also be used to improve policy design and make it more user-friendly keeping in mind the company’s needs as well.
Contact us to know more about how TheDataTeam and Cadenz can help implement AI solutions for insurance companies.